By Laura Calugar
Cushman & Wakefield secured $40 million in loan financing on behalf of Middleburg Real Estate Partners for the construction of The Mosby Cool Springs, a 328-unit luxury apartment community in Franklin, Tenn. Mike Ryan, Telly Fathaly and Brian Linnihan of Cushman & Wakefield’s Atlanta Equity, Debt and Structured Finance team sourced approximately $40 million in senior debt and also sourced the remaining joint venture equity with an institutional capital partner.
Located at 1222 Liberty Pike in Williamson County, the asset will sit immediately south of the proposed 145-acre, $1 billion Ovation mixed-use development, which will feature 950 multifamily units as well as 480,000 square feet of retail and up to 1.4 million square feet of office space. Middleburg Real Estate Partners paid SouthStar $9 million for the 23-acre land in the heart of the building boom currently taking place in the Cool Springs commercial hub. According to the Nashville Business Journal, the Columbia State Community College is expanding in the area and SouthStar is building a fitness center and other commercial developments.
The Mosby Cool Springs will include two split-level buildings with elevators. The unit mix will consist of 21 studios, 168 one- and 139 two-bedroom units with an average of 934 square feet.
Amenities will include:
- granite countertops
- stainless steel appliances
- undermount sinks
- air-conditioned corridors
- an 11,000-square-foot club house
- a saltwater pool
- cabana areas
- outdoor kitchens
- a 4-acre residents’ park
The luxury project is anticipated to break ground this fall, according to Yardi Matrix data.
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Image courtesy of Middleburg Real Estate Partners website